2024-01-14 20:07:20
ALGIERS – The Sonatrach group and the Libyan National Oil Company (NOC) signed Sunday in Tripoli an amendment to the memorandum of understanding signed in 2022 between the two parties, indicates a press release from the group.
The amendment was signed by the CEO of Sonatrach, Rachid Hachichi and the president of the Libyan National Oil Company (NOC), Farhat Omar Bengdara, on the sidelines of Sonatrach’s participation in the 2nd edition of the Libyan summit on energy and economy, held on January 13 and 14 in Tripoli.
This amendment aims to enrich the areas of cooperation between the two parties through the integration of new activities consisting of the exploration and development of conventional and unconventional resources, specifies the press release.
The amendment also concerns the development of oil and gas exploration at the level of unexploited marginal fields, in particular via secondary and tertiary recovery techniques for exhausted deposits, as well as the development of activities linked to the energy transition, renewables, and the exchange of expertise.
Furthermore, “SIPEX” (Sonatrach subsidiary) and NOC signed on this occasion two amendments extending the exploration deadlines in the two contractual perimeters 95/96 and 65 located in the Ghadamès basin in Libya.
The Libyan summit on energy and the economy was an opportunity to discuss the challenges and the future of the energy sector in Africa and to work towards evaluating the enormous potential of renewable energies, particularly energy solar in the African continent, adds the same source.
This energy event saw the participation of major international oil companies, including Sonatrach.
On this occasion, the NOC invited all foreign companies to take advantage of investment opportunities in Libya.
During this event, Mr. Hachichi participated in a debate on “energy”, addressing in his speech the challenges imposed by future energy needs, in particular natural gas, being a fundamental transition energy, in addition to the adoption renewable energies which make it possible to achieve socio-economic gains and contribute to reducing the carbon footprint, concludes the press release.
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